General insurance

The wide-ranging implications of IFRS 17The new accounting standard for insurance contracts, IFRS 17, will have wide-ranging implications for (re)insurers, and many firms are preparing for significant changes to their business operations08 June 2017

Insurers uncover 2,500 frauds every weekInsurers detected more than 130,000 fraudulent UK claims in 2015, equivalent to 2,500 a week, according to latest figures produced by the Association of British Insurers (ABI).16 September 2016

Actuarial involvement in general insurance has grown significantly in recent years. Nowadays, general insurance actuaries might help insurance companies estimate the reserves they require for future claims as well as identify the other management information they need.

Actuaries will also work on rating insurance products in areas such as motor and household insurance where large volumes of data exist. In other fields, they will advise building societies on the capital requirements for their own insurance companies, and advise reinsurance companies on their rates for 'excess of loss reinsurance'.